[shantly]

Part of it's the result of extreme centralization and integration of industry, too. If no individual companies work across the entire scope of what a given agency or department regulates, and if there are many such companies rather than just a few, it's harder to draw a straight line between a given regulation and direct benefit to every single one of your potential employers when you rotate back out into the private sector. Would still happen, but it'd be harder to get a small group of industry insiders to agree on how regulation should look, easing regulatory capture at least a bit, and maybe a lot.